Greenwood Capital Associates LLC Has $3.10 Million Holdings in First Horizon Co. (NYSE:FHN)

Greenwood Capital Associates LLC reduced its stake in shares of First Horizon Co. (NYSE:FHN) by 67.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 153,764 shares of the financial services provider’s stock after selling 311,749 shares during the quarter. Greenwood Capital Associates LLC’s holdings in First Horizon were worth $3,097,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its holdings in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. Versant Capital Management Inc grew its holdings in shares of First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the period. Covestor Ltd increased its position in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares in the last quarter. True Wealth Design LLC acquired a new stake in First Horizon during the 3rd quarter worth $36,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,000 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Down 0.9 %

FHN opened at $21.69 on Tuesday. The stock’s fifty day simple moving average is $20.66 and its 200 day simple moving average is $18.12. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $11.50 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. First Horizon Co. has a 1-year low of $13.45 and a 1-year high of $22.10.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, research analysts expect that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon announced that its board has authorized a stock repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.77%. First Horizon’s payout ratio is currently 44.12%.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 220,954 shares of company stock valued at $4,519,333 in the last quarter. Insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. UBS Group assumed coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price for the company. Royal Bank of Canada upped their price target on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Raymond James upped their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.04.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.